The incident occurred on Thursday when Purva Hedau (18), who was part of a college group which had gone to the farmhouse to celebrate birthday of one of their members, was found dead in the swimming pool, they said.
The farmhouse belongs to Shiraj Sheikh, who runs a cable TV in the city.
Police today arrested him under section 304-A (causing death by negligence) of IPC for allegedly failing to maintain his farmhouse.